This invention relates generally to methods and systems for creating a transaction lifecycle for a payment transaction involving a payment card, and more specifically, to computer-implemented methods and systems for matching authorization data generated as part of a payment transaction involving a payment card with clearing data and fraud data generated as part of the same payment transaction.
Issuers of payment cards face lost revenue and significant costs for fraudulent transactions. At least some known fraud detection systems are used by payment card issuers for detecting at least some fraudulent transactions initiated over a payment card network. These known fraud detection systems use different processes and/or models to detect fraud. However, these known fraud detection system are not perfect, and thus, it is possible for at least some fraudulent transactions to be authorized under certain conditions. Of course is also possible that a known fraud detection system may detect a fraudulent transaction, and thus, label an authorized transaction as fraudulent when certain conditions apply. Unfortunately, none of these known fraud detection systems are able to link fraud data generated as part of a payment transaction to authorization data generated as part of the same payment transaction. This inability to link fraud data to authorization data prevents issuers from being able to better identify potentially fraudulent transactions at the authorization stage of the transaction process.
Accordingly, a system is needed to match fraudulent transaction data with corresponding authorization transaction data to improve fraud detection system capabilities at the authorization stage of the payment transaction process.